In the US, the SEC approved Ethereum ETFs after approving Bitcoin ETFs.
After the ETH ETF approval, eyes turned to other cryptocurrency ETFs such as Solana (SOL) and XRP, while a report came from JP Morgan.
JP Morgan said it does not think the SEC will approve Solana or any other altcoin ETFs, The Block reported.
JPMorgan managing director and global market strategist Nikolaos Panigirtzoglou told The Block that they doubt the SEC will approve other altcoin ETFs other than Ethereum, given its stance that most cryptocurrencies are securities.
At this point, Panigirtzoglou stated that he thinks no more altcoin ETFs will come unless U.S. policymakers pass a law deeming most cryptocurrencies as non-securities.
“We have doubts that the SEC will approve any other altcoin ETF other than Ethereum.
The SEC's decision to approve ETH ETFs has already been relaxed given uncertainty about whether Ethereum should be classified as a security.
We don't think the SEC will go any further on the ETF issue by approving Solana or other token ETFs.
Because we expect the SEC to classify altcoins other than Bitcoin and Ethereum as securities.”
*This is not investment advice.+
